According to a news release, Jason Wexler will serve as franchise president, overseeing both business and basketball operations. Wallace will now focus exclusively on player scouting.

Sources: The Grizzlies are promoting Jason Wexler to President, overseeing both business and basketball -- and Zach Kleiman to Executive VP of Basketball Operations as the day-to-day lead on basketball matters. https://t.co/AWOekLnBF4

Zachary Kleiman has also been promoted to executive vice president of Basketball Operations.

“In order to put our team on the path to sustainable success, it was necessary to change our approach to basketball operations,” said Robert Pera, chairman and controlling owner in the release. “I look forward to a re-energized front office and fresh approach to Memphis Grizzlies basketball under new leadership, while retaining the identity and values that have distinguished our team.”

Grizzlies will start a search for a new head coach and pursue some more experienced personnel to join the front office, sources said. For now, though: Zleiman completes an ascent in front office to top basketball role, essentially replacing Wallace. Major changes for Memphis.